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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,701
  • Aug 8, 2008 7:59am Aug 8, 2008 7:59am
RR

Is mtaboneweb that you are referring to the Pip Nailer?

Ian
  • #1,702
  • Aug 8, 2008 8:06am Aug 8, 2008 8:06am
mtaboneweb is another programmer who has started a series of threads meant solely for his EAs.
  • #1,703
  • Aug 8, 2008 8:10am Aug 8, 2008 8:10am
Thanks RR
  • #1,704
  • Aug 14, 2008 4:45pm Aug 14, 2008 4:45pm
I'll apologize in advance if this question has already been discussed but has anybody created an EA for this system? It seems as though it would be fairly easy to create with the basic parameters. It was also be nice to ensure that the opposite order is adjusted immediately upon a S/L trade being hit.

Thanks!
  • #1,705
  • Aug 15, 2008 3:47am Aug 15, 2008 3:47am
Quoting cwp1979
I'll apologize in advance if this question has already been discussed but has anybody created an EA for this system? It seems as though it would be fairly easy to create with the basic parameters. It was also be nice to ensure that the opposite order is adjusted immediately upon a S/L trade being hit.

Thanks!
I've written one which is called 'Rhythm'. It is available for free download from my web site. Due to FF restrictions I cannot give you a link to my web site. If you want it, look into my profile.
  • #1,706
  • Aug 15, 2008 11:54am Aug 15, 2008 11:54am
Thanks, I downloaded it but have some questions. I am trying to implement this for the weekly strategy.

-I'm assuming that if I set it on Sunday evening it will base the trade off of Friday's close? Does it set pending buy/sell at +50/-50 pips from close? I tried it on a demo and it opened a trade immediately.
-I'm assuming that entrytime hour is GMT?
-If I don't want it to exit until Friday afternoon what do I put for ExitTime Hour if I'm setting it up Sunday night?
-This looks like the reverse trade is set at the S/L of the original trade. The system recommends setting the reverse trade at the prior day's close. This would mean that the market would need to move another 20 pips in the opposite direction before triggering the opposite order. Have you found your way to be more profitable?
-I also noticed that you're using a 40 pip S/L versus the recommended 30 pip S/L. Have you had better experience with this?

Overall I'm wondering how this system has performed. I tried Tkimble's system this week with great results.

Thanks for your help!
  • #1,707
  • Aug 16, 2008 6:45am Aug 16, 2008 6:45am
I am wondering if this strategy is working well?
I tried something similar on hour time frame
I will try it this week and post the results
  • #1,708
  • Aug 26, 2008 3:12pm Aug 26, 2008 3:12pm
Wanna make sure I got this system right.... When one positon is trigger, move the other to last week close... Corret?......Here is my Q?'..So if one position keep going long/short (positive pips)do we keep moving the other position with it, with a 100 or 50 pip spread? or Do we keep it at the close of last week?
Pip Piping all the way!
  • #1,709
  • Aug 27, 2008 1:55am Aug 27, 2008 1:55am
I made several posts on this thread a long time ago so i thought i drop in and see whats happening. I don't trade this any more but it can still have workable periods. Of course ultimately the weekly candle must go somewhere if not you just get banged on the flats and pullbacks. It is however one of the few systems which you can setup on a Sunday and go out to work if you have to without constant monitoring. As i explained before the size of stops and targets for any pair traded must be set using Implied Volatility. If you don't do this you have no idea where to exit and the stops are not optimum.

I now work on Neural Network systems and Genetics which really give a huge edge on trading that i been working on for the last 4 years. Got a website now too but i cant post a link here but you can find me under the handle "ForexBolt" google it and you will find me.
  • #1,710
  • Aug 30, 2008 12:03pm Aug 30, 2008 12:03pm
I believe this system is almost stress free and work best in trending mkt...and weekly will paint a clearly trend...of a pair..


sonic
  • #1,711
  • Sep 4, 2008 6:29pm Sep 4, 2008 6:29pm
Just found about this system a couple days ago and found an elegant solution to maintain the the 50 pip range effortlessly. This is a sim account, I have autostops linked to 4 different orders. 2 for EURUSD and 2 for GBPUSD, each autostop is only triggered when the parent is triggered.

Here is my screenshot. The 4 parent orders are the ones in blue bars, the child orders are the ones indicated in red bars remaining to be activated once the the blue parent is triggered.

It would be great to how someone could help me figure out trade sizes to conform to the 3% risk per trade!
Attached Image (click to enlarge)
Click to Enlarge Name: MyFXscreen.jpg Size: 111 KB
  • #1,712
  • Sep 4, 2008 7:03pm Sep 4, 2008 7:03pm
I picked this up from a forum somewhere in ff. I should keep a note of who and where. whoever created should get the deserved credit. It's kept me out of trouble. Thank you to whoever it was.
Attached File(s)
File Type: xls Aggressive OrderSize Calculation.xls   42 KB | 1,004 downloads
  • #1,713
  • Sep 4, 2008 11:06pm Sep 4, 2008 11:06pm
This strategy's is amazing.
Not so stressful and works great!

This week's GBPUSD open at 1.8150
Placed Buy Stop and Sell stop at 1.8200 and 1.8150 respectively

Short Postion triggered at 1.8100 with stop loss of 1.8130.

As of now. its running 500+pips profit

  • #1,714
  • Sep 4, 2008 11:08pm Sep 4, 2008 11:08pm
This system went through huge drawdowns in the past. Don't kid yourself based on one good trade. No wonder it is practically abandoned.

Quoting maximteo
This strategy's is amazing.
Not so stressful and works great!

As of now. its running 500+pips profit
  • #1,715
  • Sep 4, 2008 11:50pm Sep 4, 2008 11:50pm
Quoting tdion
This system went through huge drawdowns in the past. Don't kid yourself based on one good trade. No wonder it is practically abandoned.
Thanks noted!

I'll forward test it the next few weeks. Anyway think to compensate the drawdown, TK said to do it with the his daily scalping strategy as well.
  • #1,716
  • Sep 5, 2008 12:06am Sep 5, 2008 12:06am
No guarantees in that either.... a possible double whammy on your hands. Not trying to discourage - just laying facts down.

GL....

Quoting maximteo
Anyway think to compensate the drawdown, TK said to do it with the his daily scalping strategy as well.
  • #1,717
  • Sep 8, 2008 7:15pm Sep 8, 2008 7:15pm
Thanks for the warning. Saved me from having to read a lot of posts. Will pass on this one.
Quoting tdion
This system went through huge drawdowns in the past. Don't kid yourself based on one good trade. No wonder it is practically abandoned.
  • #1,718
  • Sep 15, 2008 3:55pm Sep 15, 2008 3:55pm
Quoting tdion
No guarantees in that either.... a possible double whammy on your hands. Not trying to discourage - just laying facts down.

GL....
Pls tdion can you suggest a good trading system? Thanks
  • #1,719
  • Sep 21, 2008 5:21pm Sep 21, 2008 5:21pm
it may be stupid question.
how can we create market order "if price decrease 50 pips sell it and if price increases 50 pips buy it".
at fxcm trading station II platform.
i know i can do this with eadvisor but i want to ask is there any simple way?
and also at metatrader platform is there any market orders like this without using eadvisor.
  • #1,720
  • Sep 21, 2008 6:11pm Sep 21, 2008 6:11pm
Quoting pipchampion
it may be stupid question.
how can we create market order "if price decrease 50 pips sell it and if price increases 50 pips buy it".
at fxcm trading station II platform.
i know i can do this with eadvisor but i want to ask is there any simple way?
and also at metatrader platform is there any market orders like this without using eadvisor.
Stop orders...
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